What You'll Need When You Apply for a Mortgage

Applying for a mortgage for the first time can be intimidating and sometimes overwhelming. But if you have all the right documents prepared ahead of time, it will make the process go much smoother and faster.

First, lenders will need to know your date of birth and Social Security number in order to pull a credit report . They do this to find out how risky you are as a borrower. Generally, the higher your score, the less risky you are and the better loan you'll qualify for. Then, you'll need to give your lender:

Documents you will need:

1. The signed purchase agreement
2. Copies of your W-2 forms
3. Proof of income (original pay stubs; verification of employment ; or two years' worth of tax returns)
4. Proof of assets (bank statements; investment statements, etc.) to show you have money to cover closing costs
5. Copy of the earnest money deposit
6. Copy of your homeowners insurance
7. Picture ID
8. Certified funds due at closing

It may take some time to gather all of them, but it will be worth it when it comes time to close your loan. Not everyone will be able to document everything and that's ok. There are very flexible loans available with little documentation. But generally speaking, the more documentation you provide, the better interest rate you'll get on your loan.

A Quicken Loans home loan expert can help you figure out exactly which documents you'll need to prove your income and assets. They can also tell you whether you'll need other documents other than the ones listed above.